World Perspectives
livestock

Bullish Cattle Inventory and Cattle on Feed Reports

USDA released two key reports on the cattle market today, the Cattle on Feed report and the July Cattle Inventory report.  The Cattle Inventory report was suspended last year, so this is the first mid-year look at the cattle herd since 2023.  The nation’s cattle herd, as of 1 July, is 94.2 million head, a little above pre-report expectations but still 1 percent below 1 July 2023. In line with expectations, the number of bulls 500 pounds and heavier were unchanged at 1.9 million head. Every other category, however, dropped.   Beef cows at 28.7 million head are down 1 percent from 2023 Beef replacement heifers at 3.7 million head are down 3 percent from 2023  Steers 500 pounds and over are 13.8 million head, do...

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livestock

Livestock Industry Margins

Beef packer margins improved for the fifth straight week and added about $68/head in profits to put returns to processing back in a very healthy range. Margins are now around $80/head, which is on part with the 2020-2015 average. The increase in margins comes as beef prices hover near all-time...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 25 Corn closed at $4.2175/bushel, up $0.0375 from yesterday's close.  Dec 25 Wheat closed at $5.2375/bushel, up $0.045 from yesterday's close.  Nov 25 Soybeans closed at $10.3375/bushel, up $0.0675 from yesterday's close.  Dec 25 Soymeal closed at $285.6/short ton, up $1.6 fr...

feed-grains soy-oilseeds wheat

Market Commentary: Technical Momentum Shifts at Odds with Fundamentals

The CBOT was mostly higher to start the week with technical factors driving short covering and some cautious fresh long buying. There wasn’t much from a fundamental standpoint to drive the move, but the technical picture is firming for most commodities. Corn saw substantial follow-through...

livestock

Livestock Industry Margins

Beef packer margins improved for the fifth straight week and added about $68/head in profits to put returns to processing back in a very healthy range. Margins are now around $80/head, which is on part with the 2020-2015 average. The increase in margins comes as beef prices hover near all-time...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 25 Corn closed at $4.2175/bushel, up $0.0375 from yesterday's close.  Dec 25 Wheat closed at $5.2375/bushel, up $0.045 from yesterday's close.  Nov 25 Soybeans closed at $10.3375/bushel, up $0.0675 from yesterday's close.  Dec 25 Soymeal closed at $285.6/short ton, up $1.6 fr...

feed-grains soy-oilseeds wheat

Market Commentary: Technical Momentum Shifts at Odds with Fundamentals

The CBOT was mostly higher to start the week with technical factors driving short covering and some cautious fresh long buying. There wasn’t much from a fundamental standpoint to drive the move, but the technical picture is firming for most commodities. Corn saw substantial follow-through...

feed-grains soy-oilseeds wheat

WPI Crop Progress and Conditions App (Updated 8 September)

Update for 28 April 2025: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where o...

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From WPI Consulting

Infrastructure investment due diligence

On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.

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